In the last post, we said that between January 1st and April 30th 2013, the median single-family home in Rumson sold for 2% less than during the same period last year. We also said that some of the 2013 home sales represented homes damaged by super storm Sandy and homes being sold “as is”. Let’s drill down and examine the numbers more closely.
33 (not 31, as initially reported) Rumson homes sold between January 1st and April 30th 2013, and 13 of those (39%) sold below their assessed values. This was a big increase from last year when during those same 4 months, 32 homes sold but only 7 of those (22%) sold below their assessed values.
Last year the 3 homes which sold at the lowest percentages of assessed values sold at 73%, 80% and 81% of assessed value; this year, those percentages were 59%, 63% and 71%. So not only did we see a lot more homes sell below their assessed values, but we also saw homes selling for lower percentages of their assessments.
Despite all of that, seeing only an overall 2% decline in median Rumson home prices can be taken as quite a positive sign. People still want to move to Rumson to take advantage of its great location and great schools. As we move forward through this year there should be fewer and fewer sales of homes that were affected by Sandy but not remediated. I’m predicting we’re going to see the median Rumson home price increase by 4 or 5% compared to a year ago.
Leonard “Len” Dunikoski, GRI
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 239-0739 (cell) (732) 530-6686 (office)